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Hartford Mayor Luke Bronin is proposing the city lease a pair of “blighted and underutilized” parcels in the city’s Upper Albany neighborhood to a developer who wants to build a mixed commercial-residential building on the site.

Bloomington-based Andaleeb Enterprises, owned by Amber Andaleeb and Kavita Ahmed, are proposing 78 apartments and 12,000 square feet of ground-floor storefronts and amenity space at 614 Albany Ave. and 88 Magnolia St. The unit mix would include 16 three-bedroom units, 22 two-bedrooms and 40 one-bedrooms. Fifty-two of the apartments would be designated for affordable housing and the building would also have 59 off-street parking spaces.

The development team was selected by a city request for proposals process.

In a letter filed with his formal proposal to Hartford city councilors, Bronin says the $30.4 million project has lined up financing from a Connecticut Housing Financing Authority loan, LIHTC, state Department of Housing funds, developer equity, a grant from the city and a senior loan from an unspecified source. If approved by the council, the lease deal would see the development team pay fixed, increasing percentages of actual gross revenues, starting at 5 percent of actual gross revenues starting four years after the ground lease is executed and topping out at 8.5 percent in the building’s 16th year. The city would also get a windfall payment if the building’s gross revenues exceed projected revenues in any given year.

The project still needs approval from the city Planning and Zoning Commission. If approved, it would be subject to a milestone schedule to be negotiated between Andaleeb and the city and wage and hiring requirements.